Duchenne, orphan drug maker PTC Therapeutics fielding takeover bids
- As a rare drug maker with an orphan drug in development for treatment of Duchenne, a muscle-wasting disease, PTC Therapeutics is a potential takeover target for Shire and BioMarin.
- Once the rumor of potential takeover took hold, PTC's stock shot up. At one point, it was up as much as 25%, but then it backed off. As of yesterday, at the close of the market, it was trading at $64.91—more than a 15% increase overall.
- Prosensa, another company that makes a treatment for Duchenne, struck an $840 million sale deal with BioMarin in November. The company is competing fiercely with Sarepta Therapeutics in Duchenne therapies.
PTC Therapeutics has received orphan drug status for products in both the U.S. and the EU and is moving forward in both regulatory processes.
A major part of this story is Shire, and what Shire is trying to accomplish as a rare drugmaker with a growing portfolio of drugs and even bigger ambitions. Shire recently acquired NPS Pharmaceuticals and has recently taken a pass at Salix Pharmaceuticals, so this could represent a good opportunity for acquisition.